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The Kraft Heinz Company Add to portfolio

NAS:KHC, May 22, 03:39 UTC

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Sunday, May 19


News

Columnist: More varieties than Heinz

KHC

My son had a DNA test done as part of his investigation into our ancestry and in ethnicity he has bits of English, Irish, Welsh, Scots, Norwegian and even has distant Romani group matches. There is no such thing as an Anglo Saxon anymore and there hasn’t been for centuries. In the mid Victorian era, a time where the term ’sub species’ was used to describe pretty much anyone who wasn’t caucasian, an investigation was launched by scientists in the wake of Darwin’s Origin of Species and after many decades stretching into the early 1920s, they finally came to just one conclusion - that race is a myth. Which still leaves culture and faith to get your teeth into so bigots shouldn’t feel too hard done by just yet. And while Her Majesty’s opposition has a leader prepared to contribute a glowing forward to the 2011 re-publication of a 1902 political tract of antisemitic tropes which at one point claims that European finance is controlled by "men of a single and peculiar race, who have behind them many centuries of financial experience," those mouth breathers will always have a place to call their own.

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Thursday, May 09


News

Kraft Heinz launches sale of baby food unit: sources

KHC

MILAN (Reuters) - U.S. packaged food giant Kraft Heinz has launched the sale of its baby food brand Plasmon with preliminary bids due by the end of next week, two sources close to the matter said. Private equity firms and food groups are looking at the business, both sources said, adding it could be worth about 700 million euros ($783 million). Plasmon is mainly based in Italy and Kraft intends to sell it to focus on its global brands, one of the sources said. According to Italian financial newspaper Il Sole 24 Ore, Kraft Heinz has hired U.S. bank JPMorgan to advise on the sale.

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Tuesday, May 07


News

Employee Misconduct Takes a Bite Out of Kraft Stock

KHC

On Monday, Kraft Heinz (NASDAQ:KHC) announced that it would have to restate full-year and quarterly results after some of its employees fabricated a number of procurement transactions. The firm broke the news about its accounting issues during its Q4 results, which were lackluster and included a $12.6 billion loss due to a $15.4 billion write-down on its Kraft and Oscar Mayer brands. Contrarian investors are likely eyeing up Kraft stock as a potential value play and they could be onto something. If the misstatements are as minimal as Kraft management says they are, the worst may be over for KHC stock. It’s worth noting that long-time Kraft supporter Warren Buffet is keeping the faith when it comes to KHC stock — he told CNBC that despite the financial reporting issues, he hasn’t lost confidence in the firm. What does that mean for investors considering KHC as a value play?

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Monday, May 06


News

Kraft Heinz Investors Aren’t Fazed by Restatements, Probe Findings

KHC

The packaged-food giant will restate three years’ worth of earnings, after an investigation found “misconduct” among some employees. The Monday revelations haven’t prevented Kraft Heinz stock and bonds from outperforming peers.

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Stock Market News: Anadarko Gets a Sweeter Deal; Kraft Heinz to Restate Results

KHC APC +1 more KHC APC OXY

Stock Market News: Anadarko Gets a Sweeter Deal; Kraft Heinz to Restate Results. After a long upturn, stock market investors got cold water thrown in their face on Monday morning, as comments from President Trump seeking to escalate tariffs against China dashed hopes for a quick resolution to the long-standing trade tensions between the U.S. and its most important source of imports. As of just before 11 a.m. EDT, the Dow Jones Industrial Average(DJINDICES: ^DJI) was down 251 points to 26,254. Meanwhile, Kraft Heinz (NASDAQ: KHC) gave some additional information concerning its financials, announcing that it will restate results going back several years in an attempt to remedy potential misstatements. Occidental Petroleum (NYSE: OXY) decided over the weekend to amend its offer to buy out its energy counterpart as it attempts to outbid rival Chevron (NYSE: CVX). Originally, Occidental had offered $38 per share in cash and 0.6094 shares of Occidental stock to Anadarko shareholders, trying to overcome Chevron's bid of $16.25 per share in cash and 0.3869 Chevron shares. However, some noted that it might be reasonable for Anadarko to consider Chevron stock to be a more valuable consideration than Occidental shares.

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Kraft Heinz Attracts Put Buyers on Plans to Restate Earnings

KHC

Kraft Heinz Attracts Put Buyers on Plans to Restate Earnings. Shares of Kraft Heinz Co (NASDAQ:KHC) were notably lower out of the gate, after the company announced it will be restating its financial reports from past quarters, due to "certain misstatements" and employee misconduct. Kraft also delayed its first-quarter earnings release. However, KHC shares have since turned higher, after Warren Buffett -- whose Berkshire Hathaway owns a Kraft stake -- said the company still has his confidence. Data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows KHC with a 10-day call/put volume ratio of 4.52, ranking in the 96th annual percentile.

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Kraft Heinz restates earnings over period of 2+ years

KHC BAC

The company said in February that it was being investigated by the Securities and Exchange Commission over its procurement operations. Kraft Heinz Co. said in a regulatory filing on Monday that several employees within those procurement operations engaged in misconduct. Kraft says the company has since made adjustments to correct prior misstatements, essentially increasing the total cost of products sold during the time when the misconduct was occurring. Kraft also mentioned in its regulatory filing that it received an additional subpoena from the SEC on March 1 related to its assessment of goodwill and intangible asset impairments and that it may receive additional requests for information from the SEC, including by subpoena.

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Kraft Heinz to restate results back to 2016, stock falls

KHC

Shares of Kraft Heinz Co. dropped 1.8% in premarket trade Monday, after the branded foods company said it will restate the financial statements in its annual reports for 2016 and 2017, and for each quarterly period for the first nine months of 2018, as it continues to investigate "certain misstatements." The company said the investigation is "substantially complete," but said it still could not file its 2018 annual report, and will not be able to file its 10-Q quarterly report for the first quarter on time. The company previously disclosed it received a subpoena from the Securities and Exchange Commission related to its accounting policies, procedures and internal controls related to its procurement area. Over the weekend, Warren Buffett, who's Berkshire Hathaway Inc. is Kraft Heinz's largest shareholder, said a dispute between Kraft and its auditor prevented Berkshire from reflecting Kraft's performance in its latest earnings report.

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Kraft Heinz to restate 2016, 2017 financial reports after employee misconduct

BRK.B KHC

Kraft Heinz to restate 2016, 2017 financial reports after employee misconduct. May 6 (Reuters) - Kraft Heinz Co will restate its financial statements for the years 2016 and 2017 to fix accounting errors that resulted from misconduct of several employees of the packaged food company's procurement area, the company revealed in a filing on Monday. The misstatements mainly relates to incorrect timing of when certain costs and rebates were recognized initially, the company said. The company said it will not be able to timely file its quarterly report for the period ended March 30, 2019.

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Kraft Heinz to restate earnings for 2016 and 2017, cites employee misconduct

KHC

Bottles of Heinz Kraft Co. Heinz brand Tomato Ketchup and Yellow Mustard are arranged for a photograph in Dobbs Ferry, New York, on Wednesday, Feb. 20, 2019. Kraft Heinz disclosed in February a $15 billion write-down on its Kraft and Oscar Mayer brands, as well as an investigation by the Securities and Exchange Commission into its accounting and procurement practices. "During the course of a thorough internal investigation, some discrepancies were uncovered which affected the way earnings were calculated between periods," a Kraft Heinz spokesperson said in a statement to CNBC. Shortly after the filing was released, Warren Buffett, who has a $10.6 billion stake in Kraft Heinz through Berkshire Hathaway, told CNBC's Becky Quick, "The company has my confidence."

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